CFO Profiles | Best CFO Search Firm | Cowen Partners

      4 Types of CFO Profiles

      Below are the four types of Chief Financial Officer (CFO) profiles, each with different competencies and areas of expertise. Understanding how each of these roles works within a company can help you determine which CFO profile is best for your business.

      The 4 Chief Financial Officer Profiles

      • Financial Guru
      • Jack of All Trades
      • Achievement Leader
      • Change Agent

      1. Chief Financial Officer as the Financial Guru

      The financial guru CFO has years of experience with different roles related to financial functions within a company. This typically includes duties such as financial planning and analysis, auditing and compliance, treasury, financial reporting, and controlling. The financial guru is often an internal hire, frequently a Controller or Chief Accounting Officer prior, and comes with a comprehensive understanding of the company as a whole. You can expect the financial guru to have an advanced accounting degree, CPA, and to excel at standardizing procedures.

      This particular profile is generally suited for businesses with inefficient financial departments or early-stage businesses that are scaling up and need to strengthen their financial functions.    

      2. The Chief Financial Officer Who Is a Jack-of-All-Trades

      The jack-of-all-trades CFO typically has a broad range of experience and has often worked outside the company with exposure to multiple businesses. Other areas where these CFOs have worked include marketing, general management, and operations. Management and communication skills are often prioritized in this profile over more technical skills. The jack-of-all-trades CFO can be found both internally and externally and is hired at a company where personal influence is highly valued and required for results. 

      3. The Chief Financial Officer Who Is the Achievement Leader

      Achievement leader CFOs are known for transforming businesses to create results. They modify financial functions and other processes within an organization to promote cost management and the use of metrics. Achievement leaders also focus on standardizing data and systems to enhance efficiency and performance within an organization. 

      The CFO with this profile is generally an outside hire with previous CFO or accounting experience. This type of CFO is beneficial for companies looking for exacting analytics and striving for aggressive growth. 

      4. The Chief Financial Officer as the Change Agent

      The change agent CFO is best suited for industries that experience a lot of disruptions. This type of CFO is an outside hire and has a background working in mergers and acquisitions (M&A) and has an extensive external network of resources as well as exceptional strategic insight. Businesses undergoing mergers and acquisitions, as well as private equity companies looking to revamp portfolio businesses, are a good fit for this CFO profile. In many of these cases, the companies experience a considerable reshaping of the business as well as adjustments in resource allocation so a CFO who has experience with this type of disturbance can make the transition run more smoothly. 

      How to Make the CFO Role Fit Your Company: 3 Questions to Ask

      These profiles are not perfect. One may not cover exactly what you need in a CFO, but it is a place to start when shaping the role for your company. Use these profiles to determine the characteristics and general skill set of a CFO that will help your company grow the most. When searching for a new CFO, it is also a good idea to evaluate your current corporate strategy.

      Below are a few questions you should ask yourself as you start looking for your next CFO.

      1. What Is Your Corporate Strategy & Goals?

      Your CFO profile should reflect the structure and performance of your company. Knowledge of the industry is highly valuable when selecting your CFO, as is choosing someone whose characteristics fit the company’s strategic plan. CFO candidates will have financial expertise and management skills, but you need to determine where else your company’s CFO can be useful. For instance, if your company is pursuing an M&A strategy, then a CFO candidate experienced with mergers and acquisitions as well as proven strategic insight would be the best fit.

      2. What Are the Strengths & Weaknesses of Your Management Team?

      Hiring a new CFO is an opportunity to fill some of the skill gaps on your management team. Assess the strengths and weaknesses of the CEO and other leading board members to determine what expertise would benefit the team. A leadership team with a diverse skill set allows team members to lean on each other and build on one another’s strengths. Select a CFO who will shore up any weaknesses in your team. 

      3. How Capable Is Your Finance Group?

      It is important to determine how capable your financial functions currently are. If your company is currently struggling to efficiently manage basic financial functions such as accurate data and systems compliance, then you need to focus on a CFO with a financial guru-type profile. If your basic financial processes are not going well, then your first order of business needs to be strengthening this area above all else.

      It is a good idea to look at potential internal candidates to promote to CFO who have significant financial experience as well as a proven record of results. Of course, if your financial functions are running smoothly, then you can consider candidates with other qualifications such as more management experience and strategic insight. 

      Finding the right CFO for your company requires a lot of consideration concerning the right characteristics as well as the needs of the business. As you determine the right CFO profile for your company, remember how the CFO position has evolved over the years and adapt your profile to best fit your needs. 

      Top CFO Search Firm | Cowen Partners Executive Search

      CFO Profiles | Best CFO Search Firm | Cowen Partners

      Cowen Partners is a national CFO search firm, driven to create value for our clients, and we have a long-standing record of placing exceptionally qualified Chief Financial Officers across all industries.

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